Crow Holdings, the original developer of the Dallas Market Center, has made a deal to acquire the 5 million square feet of property that comprises the Center’s campus from CNL Lifestyle Properties, Inc. The property includes the World Trade Center, Dallas Trade Mart, International Trade Plaza, and Market Hall.
The deal, which is expected to be final in 90 days, will make Crow Holdings the sole owner of the Dallas Market Center.
Dallas Market Center is a wholesale marketplace that hosts trades show for the apparel and other industries. It was founded by real estate developer Trammell Crow in 1957. Crow Holdings and the management company it owns, Market Center Management Company, Ltd., has operated the center since its founding. CNL Lifestyle Properties, Inc. is a real estate investment trust (REIT) that has had a majority ownership stake in the property since 2005.
“Our company and its shareholders have been quite fortunate to enjoy a terrific and very constructive relationship with Crow Holdings and MCMC through our investment in the Dallas Market Center,” said CNL Lifestyle Properties CEO Stephen Mauldin. “As the life cycle of our REIT draws to a close and we move to monetize our holdings, we remain wholly confident in the current and future performance of the Dallas Market Center as an industry leading enterprise.”
“Our family’s business history begins and remains closely tied to Dallas Market Center,” added Crow Holdings CEO Harlan Crow. “We value the decade-long partnership with CNL Lifestyle Properties, and the existing management team will maintain unrivalled support for our customers and vision for the business. We look forward to new opportunities to advance Dallas Market Center’s position as the premier wholesale marketplace in the country.”